Barclays Reaffirms “Underweight” Rating for Apple (NASDAQ:AAPL)

Apple (NASDAQ:AAPLGet Free Report)‘s stock had its “underweight” rating restated by equities researchers at Barclays in a note issued to investors on Tuesday, Benzinga reports. They presently have a $164.00 target price on the iPhone maker’s stock. Barclays‘s price target would suggest a potential downside of 16.96% from the stock’s current price.

Several other brokerages have also commented on AAPL. DA Davidson raised Apple from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $200.00 to $230.00 in a research note on Tuesday. Tigress Financial increased their price target on shares of Apple from $240.00 to $245.00 and gave the company a “strong-buy” rating in a research report on Thursday, May 30th. UBS Group restated a “neutral” rating and set a $190.00 price objective on shares of Apple in a research report on Tuesday. Canaccord Genuity Group lifted their price target on shares of Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Saturday, May 4th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $216.00 price target on shares of Apple in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Apple currently has a consensus rating of “Moderate Buy” and a consensus price target of $207.47.

View Our Latest Stock Report on AAPL

Apple Stock Performance

Shares of NASDAQ:AAPL traded up $4.38 on Tuesday, reaching $197.50. The company’s stock had a trading volume of 12,111,386 shares, compared to its average volume of 60,004,543. The stock’s 50-day moving average is $180.37 and its two-hundred day moving average is $183.39. Apple has a 52-week low of $164.07 and a 52-week high of $199.62. The stock has a market capitalization of $3.03 trillion, a P/E ratio of 30.72, a PEG ratio of 2.40 and a beta of 1.25. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99.

Apple (NASDAQ:AAPLGet Free Report) last issued its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. The business had revenue of $90.75 billion during the quarter, compared to the consensus estimate of $90.37 billion. Apple had a return on equity of 148.33% and a net margin of 26.31%. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.52 EPS. As a group, sell-side analysts forecast that Apple will post 6.57 EPS for the current year.

Apple announced that its board has approved a stock repurchase plan on Thursday, May 2nd that allows the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Apple

In related news, SVP Deirdre O’brien sold 54,732 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total value of $9,244,782.12. Following the completion of the transaction, the senior vice president now owns 136,572 shares in the company, valued at approximately $23,068,376.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Timothy D. Cook sold 99,183 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the transaction, the chief executive officer now owns 3,377,407 shares of the company’s stock, valued at $574,260,512.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Deirdre O’brien sold 54,732 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the completion of the sale, the senior vice president now owns 136,572 shares in the company, valued at $23,068,376.52. The disclosure for this sale can be found here. Insiders have sold 346,270 shares of company stock valued at $60,880,196 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

Large investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in Apple during the 4th quarter worth about $33,912,466,000. International Assets Investment Management LLC raised its holdings in shares of Apple by 14,395.4% during the fourth quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock valued at $136,119,470,000 after acquiring an additional 70,212,651 shares during the period. Vanguard Group Inc. raised its stake in Apple by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock valued at $253,766,929,000 after purchasing an additional 18,067,216 shares during the period. Swedbank AB purchased a new position in Apple during the 1st quarter valued at about $3,026,492,000. Finally, Global Assets Advisory LLC increased its stake in Apple by 23,076.4% in the 1st quarter. Global Assets Advisory LLC now owns 9,240,214 shares of the iPhone maker’s stock valued at $1,584,512,000 after buying an additional 9,200,345 shares during the period. Institutional investors own 60.41% of the company’s stock.

Apple Company Profile

(Get Free Report)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

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Analyst Recommendations for Apple (NASDAQ:AAPL)

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